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Members of regulator: disqualification, resignation and removal
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24. (1) A person shall not be qualified for office as a member of the regulator, and shall cease to hold office as a member, if the person—
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(a) is adjudicated bankrupt,
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(b) makes a composition or arrangement with creditors,
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(c) is convicted of an indictable offence in relation to a company,
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(d) is convicted of an offence involving fraud or dishonesty,
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(e) has a conflict of interest (actual or potential) of such significance that, in the opinion of the Minister, the member should cease to hold office,
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(f) is subject to a declaration under section 819 of the Act of 2014 or is deemed to be subject to such a declaration by virtue of Chapter 5 of Part 14 of that Act, or
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(g) is subject or deemed to be subject to a disqualification order, within the meaning of Chapter 4 of Part 14 of the Act of 2014, whether by virtue of that Chapter or any other provision of that Act.
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(2) A member of the regulator may, by letter addressed to the Minister, resign membership of the regulator and the resignation shall take effect on the date specified in the letter or the date the letter is received by the Minister, whichever is the later.
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(3) The Minister may, by written notice, remove a member of the regulator from office if in the Minister’s opinion—
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(a) the member concerned has committed stated misbehaviour,
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(b) the removal is necessary for the effective performance of the functions of the regulator, or
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(c) the member concerned is otherwise unable, unfit or unsuitable to exercise the functions.
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